The Gulf Bank has reported an operating profit before provisions of KD 79.8 million for the first nine months of 2014.
Net profit was KD 26.5 million for the first nine months of 2014, up 10 percent against KD 24.1 million for the same period last year, the bank said in a statement.
As of end of September 2014, the Bank's total assets were KD 5.9 billion, deposits stood at KD 4.19 billion and total shareholders' equity was KD 509 million, it said.
The Bank increased its precautionary general provisions to KD 201 million, an increase of KD 43 million during the period, and maintained its non-performing loans (NPL) ratio, which now stands at 5.1 percent and has increased the total coverage ratio of non-performing loans to 238 percent, it added.
Commenting on the results, Gulf Bank CEO Cأ©sar Gonzalez-Bueno said: "I am pleased to share with you our results for the third quarter of the year. These results reflect steady growth of the Bank's net profit, and demonstrate Gulf Bank's ability to grow and improve its profits in a highly competitive market." The Bank's loans have grown by 13 percent and the capital adequacy is at 16.6 percent against the regulatory ratio of 12 percent, he said. More importantly, the Bank is on track to finalize the restructuring started in 2008. The Gulf Bank team is ready for alternatives to further develop and better serve its customers both in wholesale and retail banking, he added.
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